LBP Token Offering
The Minterest LBP will be conducted on Copper where people can directly buy MNT tokens using USDC (ERC-20). Participants will have access to a Minterest interface for a simple and transparent experience, hosting an overview and a leaderboard detailing live the USDC spent by various participants in the LBP.
For those who are interested to participate in the Next Level LBP event, please head over to our LBP discord community here .

Why organise an LBP token offering?

There was incredible demand to receive an allocation in Minterest even before we came out to the public this September. And we realized this demand would likely spill over to our community too so we spent months researching the best approach to allow everyone interested access to the MNT token - and that vehicle became the LBP.
The LBP (Liquidity Bootstrapping Pool) is a tried and tested approach, and it has no restrictions for access. The LBP also allows for the market to determine the fair price of any crypto asset during the course of the event itself. It's worth reading our writeup examining recent LBPs and how the flow of the events went to gain some useful insight. Here's a link:
Our initial intention was for the Next Level event to simply run with just the LBP + the lottery activity for the Minterest NFTs. It certainly would have been far easier from a planning and administrative perspective to leave it this way.
However, as we began to develop our plans around the LBP, we received feedback from some of our key investors that the LBP is fair but also intended for sophisticated users with larger crypto pockets. And their concern was that the LBP may be untenable for our core community members who are sensitive to high gas fees on Ethereum and who may face complications around the timing of when to actually purchase tokens during the LBP event since the price is variable and ever changing based on demand.
Though the LBP is inclusive, we didn't want our smaller investors to get a raw deal here. And that's when we developed the Community Allocation Event.

What are the LBP specifications?

The LBP will be set up with the following metrics:
  • Where:
  • LBP Pools: Copper
  • Start: 08th of February 2022 – 2 pm GMT
  • End: 10th of February 2022 – 2 pm GMT
  • MNT Max Supply: 2,500,000 MNT MNT (2.5% total supply)
  • LBP Base Pair: USDC/MNT
  • Initial MNT liquidity provided: 2,500,000 MNT
  • Initial USDC liquidity provided: 300,000 USDC
  • LBP Weights: Starting at 98/2 and will gradually adjust to 50/50
  • LBP Starting price: 5.88 USDC
For more information, please visit Copper.

What is the LBP mechanism?

In LBP events, participants are able to buy assets in a variant to ‘dutch auction’ process over a fixed time period, which is 3 days for Minterest (February 8-10).
Unlike traditional auctions where bidders bid the price up, the price of the asset in the Dutch reverse auction will fall over time if there is no demand, and grow after each purchase.
Instead of buyers purchasing an offering at a fixed price, the mechanism allows anyone to bid their own chosen quantity and determine the optimal entry point, considering the price they are willing to pay.
When the asset weights in dollar value adjust to 50/50, the auction ends.

What will be the price of MNT in the LBP? At what price level should I start buying?

LBP price for individual purchases is completely determined by supply and demand dynamics occurring within the LBP itself. LBP perfectly suits those who would prefer to make their own judgement on MNT pricing as it definitely allows for this.
That principle differs from how the Community Allocation Event price is determined - as the lowest average price of the LBP (CAE is our allocation round for retail investors).
You decide on an entry point yourself. Although the price will gradually decrease during the period when no purchases happen, a single large buyout can drive the price up significantly.

What are the transaction fees to participate in the LBP?

Please keep in mind that trading ERC20 tokens (such as USDC or MNT) on Copper requires two separate transactions: In the first transaction, you give Copper approval to withdraw USDC from your wallet and the actual swap happens in the second transaction.
The first approval transaction will incur a small amount of gas fees depending on the network congestion at the time (anywhere between $10 - $20).
The actual swap transaction after the approval varies depending upon the network congestion. To estimate the gas fees for a token swap, please have a look at the swap fees for Uniswap here. You should always have slightly more ETH in your wallet (more than your estimate) because the gas fees depend on network congestion and the smart contract you’re interacting with.

Where can I track my investment?

LBP participants will have access to a user-friendly Minterest dashboard for a simple and transparent experience, hosting an overview and a leaderboard detailing live the USDC spent by various participants in the LBP. They can also track their invested amount and NFT level, along with the real-time changes in the price.
Access the dashboard here.

What currencies can I use to participate in the LBP? What wallets do I need?

The base pair for the Minterest LBP is ERC20 USDC. To participate in the LBP, the available wallet options are MetaMask and Gnosis Safe.

Is there a minimum or maximum purchase level for the LBP?

There is no minimum entry amount. You can decide how many tokens you want to get for the price at the moment of purchase.

My transaction failed, why could it happen?

It might have happened due to the volatility of the LBP price. Your transaction may fail if your set slippage tolerance is less than the price change while your transaction is queued on chain. You have 2 options: wait until the price returns within the same range, or increase your slippage tolerance.

I bought MNT in the LBP but I didn’t receive MNT in my wallet. What should I do?

First, make sure that your transaction was completed. The transaction will be available under the ‘History’ tab of the Copper page, and you’ll be able to see your current MNT balance in the swap window. It’ll take a while as MNT tokens will appear in your MetaMask wallet after a few block confirmations.

When is the token listing?

Token TGE and listing on DEXs and CEXs will take place after the Minterest Protocol launches.

What are the vesting terms?

There will be no vesting for the Public Sale tokens. All Public Sale tokens will be fully unlocked upon the launch of the Minterest Protocol (scheduled for March 2022). They will be fully liquid to trade on exchanges, to stake on Minterest, and to provide as liquidity on DEXs.

I still have questions. Do you have user support?

To learn more about the Minterest LBP token event, join our dedicated Discord channel where we publish regular updates.